Global crude oil news: prices inch higher as Covid-19 curbs eased in China

5 Dec 2022 , 08:07 AM

Early trading saw a little increase in oil prices as OPEC+ countries reiterated their production goals ahead of Monday’s start of a European Union embargo and price limitations on Russian crude.

Additionally, Chinese cities over the weekend loosened COVID-19 regulations, which is encouraging for the country’s gasoline demand.

The price of Brent crude futures increased by 39 cents, or 0.5%, to $85.96 per barrel, while the price of WTI crude futures in the US increased by 37 cents, or 0.5%, to $80.35 per barrel.

On Sunday, the Organization of the Petroleum Exporting Countries and its allies, which includes Russia, came to an agreement to uphold their October plan to reduce output by 2 million barrels per day (bpd) from November through 2023.

The OPEC+ decision, according to analysts, was anticipated as major producers awaited the effects of the EU import restriction and Group of Seven (G7) $60 per barrel price cap on Russian oil carried by sea, with Russia threatening to reduce supplies to any nation that adhered to the quota.

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